After taking online classes myself, I am going to have to say that they they still have some ways to go. And like you say, the courses themselves are only part of the value of college. That's not to say that eventually online courses won't be as useful. Perhaps the best thing would be some combination of the two, being able to learn from world class professors while also having a local community to meet with who are doing the same.
I think co-location is a valuable part of education, and that while online lectures will revolutionize education the best programs will still have central locations were students gather and some amount of in person teaching. Good telepresence is a counter argument, but I don't think it will be enough to simulate living in the same building as other intelligent people with similar interests and the uniting goal of learning.
It will take a generation for the mindset to change that a purely online degree or a collection of classes from something like EdX are equal to 'Degree from State U'.
For the masses, yes. But for those willing to take their future into their own hands, I think you'll see a shift away from traditional college education.
Really think that apprenticeship should make a comeback in America. I know I would have benefited from spending some time in industry after high school.
The problem is that the reason for getting a degree isn't to become "educated" it's to be come employable. And until employers start to look at an online degree or an apprenticeship as comparable in value to attending college for 4 years it won't make sense for any rational person to take that path.